Nestle SA (NESN.EB) is investing 54 million Swiss francs ($55 million) to construct a new factory in Cuba, it said Wednesday.
The food-and-drink company said that the facility will employ 260 people by its third year, and is being built to meet growing consumer demand, as well as strengthen its presence on the island.
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Nestle said that the site will produce its coffee brand Nescafe, Cuban coffee Serrano, Nestle Fitness cereal snacks, powdered beverage Nesquick and Maggi-brand cooking aids.
The plant is a joint venture with Cuban food enterprise Corporacion Alimentaria SA, also known as Coralsa, the Swiss company added.
Annual production capacity at the site is expected to be over 18,500 tons and operations will start in January 2020, said Nestle, which already operates two factories in Cuba with Coralsa, producing mineral water, carbonated soft drinks and ice cream.
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(END) Dow Jones Newswires
November 29, 2017 02:40 ET (07:40 GMT)